Glamox, a supplier of lighting solutions to the marine and offshore markets, has signed an agreement to acquire the Norwegian company Luminell Group AS.
Established in 2010, Luminell develops and provides floodlights, searchlights, and lighting controls in the marine and offshore lighting market.
"Together, Luminell and Glamox will have a leading product offering in the global marine and offshore market for all vessel sizes”, says Rune Marthinussen, CEO of Glamox. “The merger and strengthening of Luminell and Glamox product development capabilities will amplify our technological ambitions and benefit our customers."
Luminell reported total revenue of NOK 108.5 million (~$13 million) and EBITDA of NOK 16.5 million (~$2 million) in 2020. Total revenue increased by 33% in the period 2018-2020.
Glamox will pay NOK 139 million (~$16,74 million) on a cash and debt free basis as an initial payment for the shares in Luminell. An additional earn-out of up to NOK 42.5 million (~$5.2 million) can be paid conditional on financial performance criteria in the period 2022-23. The acquisition is expected to close during Q2-2021.
"We are two companies with committed employees, which have both achieved a significant position in the global market for marine and offshore lighting," saysLuminell CEO Bente Storhaug Dahl said. "Together, Glamox and Luminell will offer more complete solutions to all our customers and, not least, form a strong platform for the development of future solutions."
"Our goal is for our customers to choose Luminell and Glamox because we have the best lighting solutions that allow our users to carry out their missions smoothly and efficiently, whether it's a critical rescue or a risky crane operation. Together we will be able to develop this to new heights," says Luminell's Founder and Chief Technology Officer, David Fink.
Luminell will be part of Glamox Global Marine and Offshore division, led by SVP Frode Scott Nilsen.